Although the concept of usury was unknown at common law, it is of ancient statutory origin. Irrespective of its economic utility to society, usury has become firmly entrenched as an accepted fact of economic life. The concept of usury is easily understandable and lends itself to simple definition. It is, in essence, a prohibition against the taking of an amount for the use of money which is greater than that permitted by law. While the concept itself is simple to grasp, methods of implementing that concept have varied widely from jurisdiction to jurisdiction. Moreover, within many jurisdictions, including Ohio, legislative efforts to manage this "simple concept" have resulted in the development of convoluted, complex statutory schemes which present many hidden problems for the unwary. With this in mind, it is the primary purpose of this article to trace the origins of the Ohio usury laws and to focus upon those laws as they presently impact upon the savings and loan industry's participation in the Ohio real estate mortgage lending market.
Yurchuck, Roger A. and Ball, James M.
"Ohio Usury Laws and The Real Estate Mortgage Lending Market - A Savings Association Viewpoint,"
Akron Law Review: Vol. 12:
4, Article 3.
Available at: https://ideaexchange.uakron.edu/akronlawreview/vol12/iss4/3